SIDBI signs pact with HDFC Bank to offer Financial Solutions to MSMEs

Current Context: SIDBI (Small Industries Development Bank of India) has signed a pact with HDFC Bank (Housing Development Finance Corporation) to offer financial solutions to MSMEs (Micro, Small and Medium Enterprises).

• The pact aims to provide complete financial products and services to MSME customers in a seamless manner.
• This will enable MSMEs to avail financial products and services of both the banks. The pact was signed on June 6, 2023
• MSMEs will benefit from this partnership by getting access to comprehensive financial products and services from both SIDBI and HDFC Bank.
• This will help them in growing, developing and commercializing their businesses. They will also get refinance support, discounting of bills, and funding support from SIDBI.

Question:

Q.1 Which two banks have signed a pact to offer financial solutions to MSMEs?
a. SIDBI and HDFC Bank
b. SIDBI and ICICI Bank
c. HDFC Bank and SBI
d. HDFC Bank and Axis Bank